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Los Angeles, June 11, 1010 – A female turning age 65 in Chicago could pay $91.78 monthly for Medicare Supplement insurance. If she lived in Manhattan (NY) she could pay as much as $476.04 monthly according to the 2020 Price Index for Medicare Supplement Insurance Plan G policies released today by the American Association for Medicare Supplement Insurance (AAMSI).
Link to 2020 Price Index for Medicare Supplement Insurance Plan G.
“Consumers are not aware of the significant difference between the lowest and the highest cost for virtually identical Medigap coverage,” shares Jesse Slome, AAMSI’s director. The organization compiled rates for Medigap Plan G rates for 10 major metropolitan areas.
“In every market the lowest rate was at least half of the highest,” Slome notes. “In some markets the highest rate was nearly four times higher.” The Association’s mid-year price analysis examined Plan G plan costs. Most important is the need to compare rates Slome advises. Equally important is working with a trusted advisor who has your best interests in mind. Finally, start the process early because often deadlines can add to the pressure of decision making.
“Some 11,000 Americans turn 65 every day,” Slome adds. “They have to evaluate the pros and cons of Medicare Advantage, compare that with Medigap supplemental coverage and in many cases pick a drug plan. It’s not just overwhelming, it could be a costly and irreversible decision.”
The Association posted the findings on the 2020 Medicare Supplement Plan G Price Index findings on their website. “We also share a few valuable savings tips,” Slome adds. For example, insurers often offer a household discount. “The percentage savings can vary from three percent to as much as 14 percent,” he explains.
The Association makes available an online directory where consumers can find Medicare insurance agents in their local area. “Access is free and completely private unlike other sites that are looking to gather your personal information,” Slome shares.
The American Association for Medicare Supplement Insurance is an advocacy and informational organization that strives to create heightened awareness for the many Medicare insurance options. AAMSI supports insurance professionals who market Medicare Supplement insurance. To find local Medicare insurance agents in your Zip Code go to www.medicaresupp.org/find-local-agent/.